Fidelity Magellan Fund Opens Again

Fidelity Investments announced today it would reopen the legendary Fidelity Magellan Fund (FMAGX) to new investors for the first time in more than a decade. Performance at the roughly $45 billion fund, which had come under fire for lagging its benchmark, has turned around under manager Harry Lange, who took over in October 2005. Fidelity Magellan Fund has gained 11% over the past 12 months, easily outpacing its benchmark as a result of growth-stock picks that paid off last year.

"If we're able to achieve a better balance of cash flows in the fund going forward, I'll regularly have the cash on hand to capitalize on attractive investment opportunities as I find them," Henry Lange said in a statement.

The fund started on May 2nd, 1963. Peter Lynch became legendary as the Magellan fund manager. He achieved a 29% average annual return with the fund over a period of approximately 13 years. He retired in 1990.

The fund has a low expense ratio of 0.54%.